No! I’m to blame! Can I have a trillion bucks and run the country now?

]]>By: Fiscal Suicide: It’s All My Fault « JoHNBRoDiGaNDoTCoMhttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1858345
Mon, 09 Feb 2009 00:45:11 +0000http://hotair.com/?p=43295#comment-1858345[...] As for that jive aboot de-regulation… [...]
]]>By: rob verdihttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1858318
Sun, 08 Feb 2009 23:40:17 +0000http://hotair.com/?p=43295#comment-1858318if McCain had explained this and named names of his buddies in the Congress, he might have been able to eke out a win and at the least make it closer.
]]>By: House of Eratostheneshttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1858292
Sun, 08 Feb 2009 22:47:42 +0000http://hotair.com/?p=43295#comment-1858292[...] via Hot Air, via Newsbusters, via Gateway Pundit: We are in this mess largely because critical thought and [...]
]]>By: Amazedhttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1858274
Sun, 08 Feb 2009 22:15:44 +0000http://hotair.com/?p=43295#comment-1858274Is the photo with this article the one off of the Post Office Wall?
]]>By: Chew on this: Are you being Stimulated Enough? « Chockblock’s bloghttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1858268
Sun, 08 Feb 2009 21:47:10 +0000http://hotair.com/?p=43295#comment-1858268[...] to blame George Bush for the economy? Don’t, look in the mirror (espically if you are a member of congress). (via Gateway Pundit, who dissects [...]
]]>By: Editorial: Bush Had Nothing To Do With Financial Crisis — But As For Mehttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1858250
Sun, 08 Feb 2009 21:27:01 +0000http://hotair.com/?p=43295#comment-1858250[...] we get there, this was Powell’s case as to who was really to blame for this crisis (h/t Hot Air): CONTRARY TO A VIEW POPULARIZED DURING THE 2008 presidential election season, the current economic [...]
]]>By: entagorhttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1858057
Sun, 08 Feb 2009 18:30:38 +0000http://hotair.com/?p=43295#comment-1858057It was banks rushing to dump sub primes and bankruptcy laws forcing home sales that flooded the market and collapsed home prices trapping everyone in their current mortgages
]]>By: entagorhttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1858036
Sun, 08 Feb 2009 18:22:46 +0000http://hotair.com/?p=43295#comment-1858036I am missing proof the entire debacle is due to sub prime lending to unqualified home buyers

There was that but I know too many highly qualified home buyers who got sucked into balloon mortagages not because it was cheaper but because they were lied to. In more than one case I know of they were presented with a ‘revised’ explanation of the mortgage they thought was to be fixed at the moment of signing.

There was a ponzi scheme in Michigan home financing where mortgage brokers wrote loans that needed to be re financed every two years to keep the profits flowing to the brokers

The sub prime loans have a 39 precent default but that was not the majority of the housing market.

What I saw in this era was
1. a huge debt snowball caused by 911 recovery and anti terrorist programs
2. revision in banking tules
- that forced homes to be sold during bankrupcies helping to depress home prices
- that allowed huge minimum payments on credit cards and a blitz of penalties including raising interest on current balances to 29 percent for a single late payment
- that allowed gambling on financial papers facilitating the unbelievable hedge fund pyramid schemes
3. A huge trade deficit with China, 2 trillion dollars no longer floating in our banking system but sitting in China. Those dollars could not be circulated into jobs in the US, as the Chinese well knew
4. Illegal alien welfare states like California living on borrowed funds as the productive sector shrunk due to credit card collapse cutting purchases, causing job loss from consumption drop, causing increased burden on the states as tax revenues fell behind spending
5. The shinking job market caused by the end of credit liquidity caused by all of the above
6. the coup de gras (and intentional I believe) was the jacking up of oil prices by the cartels

Sub crime foreclosures were the canary in the coal mine, the first victim of a toxic debt spiral related to

Banks raced to close subprimes and sell 100K homes for 1K which boosted their books for that month above the 700 dollars that would have come in a mortgage payment

]]>By: NoDonkeyhttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1857814
Sun, 08 Feb 2009 16:18:30 +0000http://hotair.com/?p=43295#comment-1857814If we had an actual media rather than just errand boys and girls for the DNC, Barney Frank would be locked away where he could no longer ruin our economy OR molest young boys.

Instead, we have an incompetent, corrupt, fecal matter encrusted pervert with the ability to do further damage to our economy.

Thanks a bunch, media! Your tireless cheerleading for the absolutely worthless scum in the Democrat Party will be your legacy and your doom.

You can thank the geniuses at Merrill Lynch for most of that. Yet that company was allowed to live and get taken over by Bank of America. About 3/4 of the people who worked at Merrill ought to be on Death Row right now, for first-degree murder of the U.S. economy.

]]>By: rhodeymarkhttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1857697
Sun, 08 Feb 2009 15:16:13 +0000http://hotair.com/?p=43295#comment-1857697BTW – you folks know how these instruments came into existence, right? MBS’, CDO’s and CDS’ were the products of professional mathematicians using MODELS. That is one of Moody’s excuses for the insane ratings on this garbage (well, that and competition with S&P to see which could kiss Wall Streets butt chapped first).
The same bullshit that brought you CO2 driven global warming has now brought down (somewhat) orderly capitalism. Some great mathematicians, like Mandelbrot, could see through the foolishness of trying to model greed and human behavior.
]]>By: rhodeymarkhttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1857679
Sun, 08 Feb 2009 15:05:10 +0000http://hotair.com/?p=43295#comment-1857679Did deregulation during the Bush administration create the housing bubble and the following economic collapse?

No, but the Commodity Futures Modernization Act, signed by Clinton on his way out the door in 2000 did. And Republicans are more to blame than Democrats for that steaming turd. The “Enron loophole” took 8 years to close, and greatly contributed to the speculative oil bubble that choked us all. You guys can’t be blind partisans and expect to be taken seriously. The reason swaps are called swaps is semantic bullshit. If they were called what they are, insurance contracts against risky investments, they would have to have been regulated. The fact that common sense investors could see the lunacy of the subprime pools ratings, and could buy third party swaps against the lunacy led to the tens of trillions of dollars out there that have to be paid, losing hedge funds deleveraging, the big boys scrambling to unwind the mess, etc. They sold this crap to your underfunded and desperate pension funds! Get ready for our demographic S to H the F.
It wasn’t just the stupid mortgages that the Dems enabled, and Bush adopted as part of his Ownership Society in ’02, it was Congress allowing Wall St. to treat these go-go mortgages as bets taken by a crooked croupier.

]]>By: daesleeperhttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1857528
Sun, 08 Feb 2009 06:25:30 +0000http://hotair.com/?p=43295#comment-1857528War is Peace
Freedom is Slavery
Ignorance is Strength
I don’t know about you, but my chocolate ration increased from 10 grams to 12 grams.
]]>By: jcilahttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1857289
Sun, 08 Feb 2009 02:05:54 +0000http://hotair.com/?p=43295#comment-1857289I am sorry but i honestly have to believe that
looking at how absolutly corrupt these guys are
i have to wonder
Are they InSANE?

Or are they all doing DRUGS
Or does EVERY member of congress
Actually WORK
for the communist party?

Because everything i have seen for the past 20 years
now points to a co-oberated effort to destroy the
United states of America

John McCain couldn’t use it in the campaign because he had a dozen former Fannie and Freddie lobbyists working for his campaign.

Of course, Tom Donilon can get an appointment as Deputy National Security Advisor, and nobody bats an eyelash. Donilon was Fannie’s chief lobbyist when all the dirty stuff went down under Frank Raines.

]]>By: eaglewingz08http://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1857064
Sat, 07 Feb 2009 22:56:58 +0000http://hotair.com/?p=43295#comment-1857064Yes it’s ended PARTIAL socialization of the industry, and began TOTAL socialization of the industry. Not exactly confidence building.
The ONE’s relation has not been booted, I believe she has a hearing on April 1. APRIL FOOL’S DAY.
]]>By: JDPerrenhttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1857002
Sat, 07 Feb 2009 22:29:35 +0000http://hotair.com/?p=43295#comment-1857002George Reisman said it best in The Myth that Laissez-Faire is Responsible
]]>By: IlikedAUH2Ohttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1856968
Sat, 07 Feb 2009 21:56:54 +0000http://hotair.com/?p=43295#comment-1856968Come to think of it, has The One’s relation been booted?
]]>By: IlikedAUH2Ohttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1856965
Sat, 07 Feb 2009 21:55:22 +0000http://hotair.com/?p=43295#comment-1856965jcila We had illegal aliens living across the street and selling drugs and threatening the whole neighborhood. A local cop told me to suck up to them when I complained. The cops here don’t want to alienate the Hispanic community. Honest. The sheriff put it in the paper to justify his failure to work with ICE. Anyway, they couldn’t keep up on their payments despite robust dope sales so they trashed the whole place and stole everything that wasn’t bolted down. And a few things that were. They now live on your tax dollars in public housing and are trying to get the government to fix the house. Isn’t that special?
]]>By: echosysthttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1856961
Sat, 07 Feb 2009 21:53:51 +0000http://hotair.com/?p=43295#comment-1856961“We’re all to blame”

Uh no, actually we’re not. Some of us pay our mortgages and don’t do stupid shit like getting in over our heads. Many of us also oppose government intervention in private markets.

]]>By: notagoolhttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1856936
Sat, 07 Feb 2009 21:32:44 +0000http://hotair.com/?p=43295#comment-1856936“Only when Frank, Dodd, and the housing socialists get correctly discredited for their damage will we be able to breathe freely on housing again”

those two criminals should be lovies for some chicano gang bangers in a maximum security prison. only then will justice be served

]]>By: UltimateBobhttp://hotair.com/archives/2009/02/07/barrons-were-all-to-blame/comment-page-1/#comment-1856935
Sat, 07 Feb 2009 21:30:33 +0000http://hotair.com/?p=43295#comment-1856935Wait! You mean to tell me that Nanci Pelosi LIED to us about the cause of the mortgage crisis?

My god! I never thought she would lie to the American people! She’s such an upstanding and honest civil servant! I’m shocked!